The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-23
Offers for the Sale of Bonds Coming in Quite
Freely, Despite an Apparent Hesitation
in the Early Part Of the Day.
New York Financiers and Business Mer
Generally Approve the Movement.
The English Language Only Will Be Taught
in the Indian Schools-Successful
Experiments in Sugar-Making.
DISTRIBUTING THE SURPLUS.

DISTRIBUTING THE SURPLUS.
The Effects Produced by the Treasury's An
nouncement of Its New Policy.
WAsHINGToN, Sept. 22-The circular which
was published this morning Offering to purchase
fourteen million four and four and half per
cent bonds is now being printed at tho Treas
ury Department and will be distributed this
afternoon The effect OF the publication was
made instantly apparent at the Department by
the receipt OF offers to sell within a short time
after the doors of the Department had been
opened. The result of the offerings and the
action of the Department upon them will be
made public as soon after o'clock this after
the schedules be prepared.
Acting Secretary Thompson was at the White
House and the Treasury Department last night
until after midnight consulting with the Presi-
dent and the financial officers Of the Treasury
relative to the prices to be offered. the amount
Of bonds to be purchased, and other de-
tails of the plan for releasing some OF the
Treasury surplus. Several of the Treasury Off
of the opinion that after the first few
days there will not be any considerable amount
Of bonds offered to the government but the
moral effect of the circular they believe will be
good. as the knowledge that the government
stands ready to purchase $l4 900, 900 bonds and
will, they say. tender to reassure tinid fnan-
ciers.
The acting Secretary of the Treasury to-day
bought bonds to the amount of 1914, 700 OF
this amount $3.50, 900 were four per cents and
$l94 700, four and onehalf per cents.
Three million more bonds have been pur.
chased since o'clock.
The result of the circular issued to-day by the
Treasurer Offering to buy four-an da-half and
four percent bonds at 10S 40 and 125 respect
lively. was awaited with apprehension by the
department Troughout the day proposals to
sell came in ct intervals hut they were for small
amounts, and 1t with evident disapront-
ment that the announcement was made shortly
after o'clock that the aggregate of the offers at
the prices fixed by the department. but
1914, 700. That the proposition to purchase
the four per. cent bonds at 125 was not gener-
ally regarded an inducements was inferred
from the small offerings-$480, ,0O0-of these
bonds But it appears that the temper of sellers
had been miscalcuated, for later in the day and
after the first announcement additional tenders
were received to the amount OF 81. 500, 600. of
which $500. coo were four and one-half and 81
800 600 four per cent bonds. This raised the
total of the days purchases to 80. 494, 700. in
cluding $694, 700 four and al half and 81, 100000
four -psrcsns. bonds Taking into considera-
ton tie fact that the circular issued to-day,
and that the public bad not fairly
time to become acquainted with it's terms, the
financial officers OF the Treasury are pleased
make public to-day the names of the persons and
firms who sold bonds to the government. and it
is probable that this Information will not be fur
nishsd hereafter During the day many tele-
grams were received at the department asking
whether bonds can be offered to the assistant
treasurer at New York, and be paid for as pro-
vided in the circular. This afternoon acting
Secretary Thompson authorized ths statement
that the offers must be made to the Treasury
Department at Washington. and the assistant
treasurers will pay for the bonds purchased.
A New YORK dispatch says Tha publication
of acting Secretary Thompson's circular In the
daily papers had a good effect among the men of
money in Wall street An air OF confidence
hung around the busy market One of the
junior partners of Harvey Fisk & Sons said:
1--WE just come in from the room and I must
say that the circular has had good effect al
ready there. Fourteen millions of dollars Ia a
good deal of money il we get 1t here by the Sth
of October. A good deal depends on how much
OF the bonds spoken of the government will get
at their figures Some Of them quoted
higher in the room this morning than the Sec
retary's offer. The per cents for which the
government offers 125 selling in the street
at 125a at this very hour. The market is bet
ter"
The Times says: "a bank president who has
control of millions of money, said yesterday
that he had just been renewing time loans at 5
and per cent for four and six months and
year. He averred that the scare which has had
such grip on the financial and commercial COM
munity largely the result of manipulation by
the biggest money holders. either ranged spec
ulators on the bear side anxious see such O
stringency produced will put up the rate for
money higher than otherwise they could hope
Wall street clings very devotedly to faith in the
pressure, direct and indirect, that certain mon
eyed interests are trying to bring to hear upon
the administration. The more liberal policy
demanded. they believe, will result in either
an official offer to buy four per-cents.
at a fixed price, the convening of an
extra session of Congress, the TAX
ing of some other step whereby better times
shall be helped forward ASK any of these
pectant ones the reason for this cheerful antici-
patton. and in lieu of any facts to support the
idea the offered explanation will be: oh. it's in
the atmosp phers.
The New York Evening Post says: ''Ths cir
cular just issued by the Treasury Department
in regard to the purchase of bonds and the pre-
payment of interest is received In this city with
general commendstion. reporter who made
inquiries among representative in Wall
street to-day found that the action of the
Treasury had given much satisfaction to banks.
bankers, and trust companies. A prominent
bank president said that he believed the effect
of the measure would be admirable. He had
DO means Of forming estimate of the proba-
BILE amount of bonds that the circular would
draw out, but the moral influence of the step
would be excolent 1t could reasonably be n
ferred that if further action by the Treasury
was needed for the relief of the money market
such action would be taken" This seemed to
be the general feeling in the matter.